9 Tips to Improve Payment Posting at Your Practice

payment posting in medical billing

One of the basics of sound revenue cycle management for healthcare enterprises is an efficient payment posting process. Payment posting in medical billing involves recording and reconciling payments received from patients, insurance companies, and other payers. Accurate payment posting ensures that providers and medical practices receive proper reimbursements for medical services.

Whether you manage a medical practice or own a group practice, here are 9 proven tips on improving payment posting in medical billing:

  1. Understand Explanation of Benefits (EOBs) and Remittance Advices (RAs): Familiarize yourself with the EOBs and RAs from payers. These documents detail the services billed, allowed amounts, denied claims, and reasons for adjustments or rejections. Understanding these documents is essential for accurate payment posting.
  2. Verify Accuracy of Payments: Double-check all payment details, including payer information, patient account numbers, dates of service, and payment amounts. Even minor errors can lead to significant discrepancies in financial records.
  3. Regularly Update Fee Schedules: Maintain up-to-date fee schedules for the services provided by your practice or facility. This helps in accurately applying contractual adjustments and calculating patient responsibilities.
  4. Use Automation Tools: Utilize medical billing software with payment posting features to streamline the process and reduce manual errors. Automation can significantly increase efficiency and accuracy.
  5. Batch Posting: If you have multiple payments to post simultaneously, consider using batch posting to handle them collectively. Batch posting saves time and minimizes the risk of missing any payments.
  6. Identify Claim Denials and Underpayments: Check for denied or underpaid claims and address them promptly. Understanding the reasons for denials allows you to correct and resubmit claims for reimbursement.
  7. Monitor Unapplied Payments: Regularly review and resolve unapplied payments. These are payments that cannot be matched to specific accounts or services. Leaving unapplied payments unresolved can create confusion and reconciliation issues.
  8. Monitor Aging Accounts Receivable: An MGMA poll on aging A/R from 2020 summarizes a trend we often see with new clients – aging A/R percentages have either increased or stayed the same in medical practices. Stay on top of aging accounts receivable to identify unpaid or underpaid claims. Timely follow-up and resolution are vital to maintaining a healthy revenue cycle.
  9. Maintain Communication: Encourage regular communication between billing staff, providers, and front-office staff to address any billing-related issues promptly.

Remember, payment posting is a critical step in medical billing, and accuracy is paramount. By following these tips and maintaining a systematic approach, you can improve efficiency, reduce errors, and optimize revenue for your medical practice or facility.

One of the most powerful resources at your disposal to reduce payment posting errors and delays is to partner with a professional medical billing service. With an experience of almost two decades of boosting revenues for healthcare providers, team PracticeForces is at your service for assistance with medical coding and billing, credentialing, AR collections, patient billing and communications, EHR upgrade, and virtual assistance services. Contact us to know more.

Parul Garg, CEO and co-founder of PracticeForces, has significantly contributed to the growth of over 1,000 U.S. medical practices through her expertise in medical billing and coding since the company’s inception in 2003. With a background in Computer Science and an MBA in Human Resources, her leadership and AAPC-certified coding skills have been pivotal in managing the company’s operations effectively.

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